Internal Revenue Bulletin:  2007-32 

August 6, 2007 

INCOME TAX


Rev. Rul. 2007-50 Rev. Rul. 2007-50

Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for August 2007.

T.D. 9329 T.D. 9329

Final regulations under section 1502 of the Code simplify, clarify, or eliminate taxpayer reporting burdens. They also eliminate regulatory impediments to the electronic filing of certain statements that taxpayers are required to include on or with their federal income tax returns.

T.D. 9332 T.D. 9332

Final, temporary, and proposed regulations under sections 883(a) and (c) of the Code relate to the exclusion from gross income of income derived by certain foreign corporations engaged in the international operation of ships or aircraft. The regulations introduce a new qualified U.S. person ownership test to replace the income inclusion test and provide corresponding documentation and reporting rules. The regulations also identify in regulations section 1.883-1(g) certain services as activities that are incidental to the international operation of ships or aircraft. They also explain in regulations section 1.883-1(h) that a foreign country may grant an equivalent exemption solely by means of an income tax convention. A public hearing on the proposed regulations is scheduled for October 24, 2007. Rev. Rul. 2001-48 and Notice 2006-43 modified.

REG-138707-06 REG-138707-06

Final, temporary, and proposed regulations under sections 883(a) and (c) of the Code relate to the exclusion from gross income of income derived by certain foreign corporations engaged in the international operation of ships or aircraft. The regulations introduce a new qualified U.S. person ownership test to replace the income inclusion test and provide corresponding documentation and reporting rules. The regulations also identify in regulations section 1.883-1(g) certain services as activities that are incidental to the international operation of ships or aircraft. They also explain in regulations section 1.883-1(h) that a foreign country may grant an equivalent exemption solely by means of an income tax convention. A public hearing on the proposed regulations is scheduled for October 24, 2007. Rev. Rul. 2001-48 and Notice 2006-43 modified.

REG-147171-05 REG-147171-05

Proposed regulations under section 274 of the Code provide rules relating to the deduction for expenses for the use of business aircraft for entertainment of specified individuals. A public hearing is scheduled for October 25, 2007.


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